MIRA
INFORM REPORT
|
Report Date : |
19.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
FEEDBACK INFRASTRUCTURE SERVICES PRIVATE LIMITED (w.e.f. 24.06.1985) |
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Formerly Known
As : |
FEEDBACK VENTURE PRIVATE LIMITED |
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Registered Office
: |
6, Local Shopping Center, Panchell Park, New Delhi – 11017, Delhi |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
27.06.1990 |
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Com. Reg. No.: |
55-040630 |
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Capital Investment
/ Paid-up Capital : |
Rs. 163.617
Millions |
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|
|
CIN No.: [Company Identification
No.] |
U74899DL1990PTC040630 |
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providing integrated infrastructure services |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2983000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments The company can be considered normal for business dealings at usual trade
terms and conditions Profit and Loss of the coampany is not available |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
6, Local Shopping Center, Panchell Park, New Delhi – 11017, Delhi,
India |
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Tel. No.: |
91-11-26495766 / 0167 |
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E-Mail : |
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Website: |
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Corporate Office : |
15th floor, Tower 9B, |
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Tel. No.: |
91-124-416-9100 |
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Fax No.: |
91-124-416-9175 |
DIRECTORS
As on 20.04.2011
|
Name : |
Mr Ramesh Puthankalam |
|
Designation : |
Director |
|
Address : |
B 372 Mahindra gardens, Off S. V. road, Goregoan (W), Mumbai – 400062,
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|
Date of Birth/Age : |
28.03.1966 |
|
Date of Appointment : |
17.12.2010 |
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DIN No.: |
02166684 |
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Name : |
Mr. Vinayak Chatterjee |
|
Designation : |
Managing Director |
|
Address : |
E2278 Palam Vihar, Gurgoan – 122017, |
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Date of Birth/Age : |
30.08.1959 |
|
Date of Appointment : |
06.01.2007 |
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DIN No.: |
000 8933 |
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Name : |
Mr. Rayprolu Sambamoorthi Ramasubramaniam |
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Designation : |
Director |
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Address : |
4404 B-5 and 6, Vasant Kunj, |
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Date of Birth/Age : |
07.07.1956 |
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Date of Appointment : |
27.06.1990 |
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DIN No.: |
00008937 |
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Name : |
Mrs. Renu Sud Karnad |
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Designation : |
Nominee Director |
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Address : |
BB14 Greterkailash – 2, |
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Date of Birth/Age : |
03.09.1952 |
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Date of Appointment : |
30.03.1998 |
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DIN No.: |
00008064 |
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Name : |
Mr. Alwarthirunagari Kuppuswamy Thiruvenkata |
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Designation : |
Nominee Director |
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Address : |
181-A |
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Date of Birth/Age : |
16.12.1939 |
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Date of Appointment : |
24.07.2008 |
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DIN No.: |
00746153 |
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Name : |
Mr. Sivaraman Narayanaswami |
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Designation : |
Director |
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Address : |
Flat No. 043, |
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Date of Birth/Age : |
12.04.1958 |
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Date of Appointment : |
28.03.2008 |
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DIN No.: |
00001747 |
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|
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Name : |
Mr. Shailendra Roy Narain |
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Designation : |
Director |
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Address : |
Flat No. 603/604, Kalpana, Opposite Ramkrishna Mission, Mumbai –
400052, |
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Date of Birth/Age : |
18.09.1952 |
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Date of Appointment : |
28.03.2008 |
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DIN No.: |
02144836 |
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Name : |
Mr. Manavendra Kumar Sinha |
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Designation : |
Nominee Director |
|
Address : |
IDFC Limited, Ramon House, 169 backbay Reclamation Mumbai – 400020, |
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Date of Birth/Age : |
16.09.1966 |
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Date of Appointment : |
12.01.2006 |
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DIN No.: |
00733068 |
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Name : |
Mr. Rumjhum Chatterjee |
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Designation : |
Director |
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Address : |
E2278, Palam Vihar, Gurgoan – 122017, |
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Date of Birth/Age : |
08.08.1960 |
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Date of Appointment : |
24.10.2008 |
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DIN No.: |
00283824 |
KEY EXECUTIVES
|
Name : |
Mr. Tilak Raj |
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Designation : |
Secretary |
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Address : |
B-5/25, 1st floor, Krishna Nagar, |
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Date of Birth/Age : |
15.12.1971 |
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Date of Appointment : |
27.01.2011 |
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PAN No.: |
ABHPT1361M |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 20.04.2011
|
Names of Shareholders |
|
No. of Shares |
|
Housing Development Finance Corporation Limited - |
|
1810515 |
|
Infrastructure Development Finance Company Limited – |
|
4026689 |
|
L and T Capital Company Limited – |
|
3790000 |
|
Mission Holdings Private Limited - |
|
6734500 |
|
Total |
|
16361704 |
Equity Share Break up (Percentage of Total Equity)
As on 20.04.2011
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing integrated infrastructure services |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
(Rs.
in Millions)
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
SS Kothari and Company Chartered Accountant |
|
Address : |
146-149, Tribhuvan Complex, Ishwar Bagar, Mathura Road, New Delhi –
110065, Delhi, India |
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Tel. No.: |
91-11-46708888 |
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Fax No.: |
91-11-66628889 |
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E-Mail : |
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PAN.: |
AABFS6730L |
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Subsidiaries : |
CIN No.: U74999WB2008PTC124989
CIN No.: U45400HR2009PTC039883 |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs. 10/- each |
Rs. 200.000 Millions |
|
1000000 |
Zero Percent Optionally Convertible Preference Shares |
Rs. 100/- each |
Rs. 100.000 Millions |
|
|
Total |
|
Rs. 300.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16361704 |
Equity Shares |
Rs. 10/-
each |
Rs. 163.617
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
|
1] Share Capital |
163.617 |
163.617 |
245.760 |
207.860 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
582.164 |
550.535 |
441.365 |
70.867 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
745.781 |
714.152 |
687.125 |
278.727 |
|
|
LOAN FUNDS |
|
|
|
|
|
|
1] Secured Loans |
79.443 |
83.535 |
9.989 |
17.478 |
|
|
2] Unsecured Loans |
0.000 |
22.500 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
79.443 |
106.035 |
9.989 |
17.478 |
|
|
DEFERRED TAX LIABILITIES |
15.108 |
8.502 |
4.087 |
0.000 |
|
|
|
|
|
|
|
|
|
TOTAL |
840.332 |
828.689 |
701.201 |
296.205 |
|
|
|
|
|
|
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|
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APPLICATION OF FUNDS |
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|
|
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|
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|
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|
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|
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|
FIXED ASSETS [Net Block] |
200.645 |
162.499 |
129.644 |
77.779 |
|
|
Capital work-in-progress |
0.000 |
15.302 |
8.863 |
8.070 |
|
|
|
|
|
|
|
|
|
INVESTMENT |
40.205 |
40.105 |
27.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
0.000 |
|
|
Sundry Debtors |
290.776
|
245.817 |
161.939 |
118.449 |
|
|
Cash & Bank Balances |
283.984
|
346.795 |
367.880 |
95.229 |
|
|
Other Current Assets |
19.163
|
24.768 |
6.516 |
1.098 |
|
|
Loans & Advances |
184.420
|
135.199 |
113.355 |
86.304 |
|
Total
Current Assets |
778.343
|
752.579 |
649.690 |
301.080 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
|
Sundry Creditors |
46.602
|
44.616 |
44.162 |
47.062 |
|
|
Other Current Liabilities |
67.814
|
40.067 |
33.552 |
35.681 |
|
|
Provisions |
64.445
|
57.113 |
36.282 |
7.981 |
|
Total
Current Liabilities |
178.861
|
141.796 |
113.996 |
90.724 |
|
|
Net Current Assets |
599.482
|
610.783 |
535.694 |
210.356 |
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
TOTAL |
840.332 |
828.689 |
701.201 |
296.205 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.35
|
0.35
|
0.18 |
0.39 |
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.35
|
5.30
|
5.70 |
3.32 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The registered office of the company has been
shifted from 7,
FORM 8:
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90063412 |
|
Corporate
identity number of the company |
U74899DL1990PTC040630 |
|
Name of the
company |
FEEDBACK VENTURE PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
6, Local Shopping Center, Panchell Park, New Delhi – 11017, Delhi,
India |
|
Type of charge |
Book Debts Movable Property Floating Charge All Book Debts
and movable assets |
|
Particular of
charge holder |
Yes Bank Limited, 9th Floor, Nehru Center, Discovery of
India, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental deed
of Hypothecation dated 28th July, 2011 |
|
Date of
instrument Creating the charge |
28.07.2011 |
|
Amount secured by
the charge |
Rs 400.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest CC / WCDL / SID):
To be decided by the Lender. BG (Performance
and Financial): To be decided by the Lender. BG (Performance
and Financial) - JV / Subsidiaries: To be decided by the Lender. Terms of
Repayment 1. Cash Credit
(CC) (Rs 135,000,Millions): payable on demand sub limit of 1 1a. WCDL (Rs
135.000 Millions): Bullet Repayment at the end of the tenor. 2. SID (Rs 75.000
Millions): NA 3. BG
(Performance) (Rs 190.000 Millions) Sub Limit of 3 3a. BG
(Financial) (Rs 50.000 Millions): NA 3b. BG
(Performance and Financial) - JV / Subsidiaries (Rs 70.000 Millions): NA Margin 1. CC: 25% on
[book debts (up to 180 days) plus stock minus creditors] Sub Limit of 1 1a. WCDL: 25% on
[book debts (up to 180 days) plus stock minus creditors] 2. Sales Invoice
Discounting: NIL 3. Bank guarantee
(BG) Performance/Financial):
10% in the form of Fixed Deposit duly lien marked in favour of YBL sub limit of 3 3a. Bank guarantee
(BG) (Performance and Financial) - JV / Subsidiaries: 10% in the form of
Fixed Deposit duly lien marked in favour of YBL Extent and
Operation of the charge First pari Passu
Charge on all the Book Debts / Receivables and Moveable Fixed Assets of the
Borrower (both present and future). Others |
|
Short particulars
of the property charged |
i) First Pari
Passu Charge on all Bills receivables and book debts and other receivables of
the Borrower (both present and future). ii) First pari
Passu Charge on all movable fixed assets of the Borrower, including plant and
machinery located anywhere in |
|
Date of latest
modification prior to the present modification |
23.09.2010 |
|
Particulars of
the present modification |
Present modification
is :- 1 CC and WCDL
(sub limit of CC) of Rs135.000 Millions remains unchanged. 2 SID stands
increased from Rs45.00 Millions to Rs 75.000 Millions 3 BG
(Performance) stands increased from RS160 MM to Rs 190.000 Millions 4 BG (Financial)
(sub limit of BG Performance) of Rs 50 MM remains unchanged. BG (Performance
and Financial) to be issued in favour of JVs/Subsidiaries stands increased
from Rs 50.000 Millions to Rs 70.000 Millions Thus the total
exposure stands increased from Rs 340.000 Millions to Rs 400.000 Millions |
Fixed Assets:
- Vehicles
- Computers
- Furniture and Fixtures
- DG Set
- Office Equipment
- Software License /ERP
Website Details:
Profile:
Feedback Infrastructure Services (formerly known as Feedback
Ventures) is
Feedback is known for its innovative work and for
operationalizing challenging projects in difficult locations. No wonder,
more than 25 of
Feedback is presently working on more than 35,000 MW of new power generation capacity; 20,000 km of National and State Highways; 100,000 acres of real estate development and a building area of more than 22 million square feet.
Feedback is enabled by a large pool of multidisciplinary experts; cutting-edge functional and domain knowledge; an all-India network of offices; and a strong shareholding — L and T, IDFC, and HDFC.
History:
Feedback in the early 90's:
1990: Feedback gets incorporated
as a Private Limited Company.
1991: Risk Capital and Technology
Company Limited (RCTC) becomes the first outside shareholder. Feedback becomes “board managed”.
1992: Shift in focus to Project
Implementation.
Feedback Infrastructure Services (formerly known as Feedback Ventures) grew
fast; in many different directions; and from many different offices in the
first half of the 1990s. It was incorporated as a private limited company on
June 27, 1990. To respond quickly to market opportunities in business advisory
and project management, Feedback Infrastructure Services (formerly known as
Feedback Ventures) set up many different divisions Infratech Division, Venture
Strat, Venture Acquire and Venture Implementation.
Feedback Infrastructure Services (formerly known as Feedback Ventures) was one
of the first recipient of venture capital, then a concept in its infancy, from
RCTC (Risk Capital and Technology Company Limited.—a subsidiary of IFCI).
One of Feedback’s first clients was the country’s largest flexible
packaging company—The Paper Products Limited, Mumbai. Having advised them on
their expansion and diversification, and having arranged institutional finance
for them, Feedback got into a joint venture with them to turnaround and manage
a medium-sized packaging operation. This unusual step was taken to stand by
Feedback’s signature line, “Implementers, not Consultants” which was later
changed to “Making Infrastructure Happen”.
Another of Feedback’s major clients was the Tamil Nadu Industrial Development
Corporation. In 1992, TIDCO asked Feedback to help develop the
Press Release:
FEEDBACK VENTURES
IS NOW 'FEEDBACK INFRA'
Feedback Ventures,
“Feedback Infra, as the company will be called, is a leading
professional and technical services firm in the infrastructure services sector
in
Feedback Infra has five regional offices and over 55 project offices,
nationally and globally. The company brings consistency to its service
deliverables and provides the necessary quality assurance and superior
professional support that clients care for.
About Feedback
Infrastructure Services Private Limited
Feedback Infrastructure Services Private Limited (formally, Feedback
Ventures) is India's leading integrated infrastructure services company providing
Strategic and Financial Advisory, Planning and Engineering, Project Management
and Operations and Maintenance services through almost 1200 people working on
projects, nationally and internationally. Focused on providing services for the
creation and management of infrastructure, the company has become known both
for its innovative work as well as for its ability to ensure successful
implementation of infrastructure projects. The company's mission is to make
infrastructure happen and improve people's lives by supporting the development
process that impact communities.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is or
was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.61 |
|
|
1 |
Rs.75.32 |
|
Euro |
1 |
Rs.65.68 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
|
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
43 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.